Carrying out tasks and using resources in the most economical manner for the given level of quality required. Doing things right. See also effective.


Principles of right conduct, especially as it applies to a given profession. Examples include: it is un-ethical for a public auditor to be a major shareholder in a company that is also their audit client; it is unethical for a computer programmer to write a virus into a client program, even for the "fun" of it.


Producing the right quantity and quality of outputs for a given situation. Doing the right thing at the right time. See also efficient.


The cost of resources consumed in the generation of revenue. Examples include: employee salaries, cost of goods sold, rent, advertising, travel expenses and depreciation of computers.

Economies of scale

The value gained by an increase in production quantity or organisational size. This value may come as a result of increase in bargaining power, less wastage of time and materials, more ready access to capital markets, improved technology, or improved management expertise.

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